United States: NY DFS Approves Gold-Backed Stablecoin, Financial Institutions Pursue Blockchain …

NY DFS Approves Gold-Backed Stablecoin, Financial Institutions Pursue Blockchain Pilots – Fin Tech – United States

This week the New York State Department of Financial Services announced that it has authorized a major U.S. cryptocurrency exchange and custodian to offer two new virtual currency products. The first product, “PAX Gold,” is an Ethereum-based token that is backed by gold ‒ the first product of its kind to be authorized by DFS.